A ray of light in the gloom?

Spanish short-term financing costs more than halved from a month earlier at an auction today, with analysts saying banks planned to tap cheap liquidity from the European Central Bank to purchase the relatively high yielding paper.

See: http://www.telegraph.co.uk/finance/financialcrisis/8967912/ECB-helps-Spanish-borrowing-costs-halve.html

Elsewhere there are reports of mixed responses to the decision by the UK not to contribute to the IMF, although France has 'no doubt' that the UK will help fund the IMF eurozone bailout.

http://www.telegraph.co.uk/finance/financialcrisis/8967715/France-has-no-doubt-UK-will-help-fund-IMF-euro-bailout.html

http://www.telegraph.co.uk/finance/financialcrisis/8966741/Eurozone-agrees-150bn-for-IMF-bail-out-despite-British-refusal-to-contribute.html

http://www.telegraph.co.uk/finance/financialcrisis/8967042/Britain-defiant-on-IMF-euro-bail-out.html

http://www.spiegel.de/international/europe/0,1518,804814,00.html

Two interesting articles below on euro bailout and the role of the ECB.

http://www.spiegel.de/international/business/0,1518,804700,00.html

http://www.telegraph.co.uk/finance/financialcrisis/8968105/Dont-ask-the-ECB-to-intervene.html
Interesting article which make reference to the liquidity the ECB has made available to the banking system: hence the question mark in the title to this post.

Finally a post on the benefits, or otherwise of the UK staying in the EU.
http://www.telegraph.co.uk/news/worldnews/europe/8965907/What-are-the-benefits-of-staying-in-the-European-Union.html